Word: rfc
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...Increase RFC's lending powers by boosting the maximum loan period from ten to 15 years, and by relaxing RFC's collateral requirements...
...Give the Secretary of Commerce charge of most of the program and put RFC under Commerce Department supervision...
When he was called before a Senate Banking subcommittee last month to defend a $10.1 million loan authorization to Texmass Petroleum Co., RFC Chairman Harley Hise assured the committee that this was "the first loan RFC has ever made to the oil industry." Last week RFC Director Harvey Gunderson corrected his boss. RFC has been in the oil business since 1940, Gunderson told the subcommittee. In that time it has made 82 loans amounting to $18.9 million for oil development. Some 13 oil loans were still outstanding and three more besides Texmass' had been authorized...
...Excuses are found to make loans, and in large amounts, that under no circumstances can be justified. [RFC] is being prostituted when making such loans as the Kaiser-Frazer [$44 million], Lustron [$37.5 million], Texmass [$10 million] and Waltham Watch Co. [$6 million...
...After RFC approved the $6,000,000 loan to closed-down Waltham Watch Co. last year, RFC's New England .Regional Director John J. Hagerty resigned his $10,330-a-year job to become Waltham's president at $30,000 a year. Despite RFC's help, Waltham again stopped ticking two months ago, and laid off its 1,231 employees. Last week Hagerty was back on RFC's payroll at $10,330 a year and wearing a more impressive title than before: special assistant to RFC's board of directors...